Several prominent economists are criticizing lawmaker plans to slash funding for the agency that collects economic statistics, saying it could undermine the “gold standard” for economic data.

In a letter sent to Congress, 63 economists from across the political spectrum said proposed cuts would hamper the Bureau of Labor Statistics (BLS), whose reports provide critical economic insight relied on by key government agencies and major businesses worldwide.

“The very nature of work in the U.S. economy is changing,” the economists wrote. “Now is not the time to cut funding for the main institution charged with tracking these changes.”

By: Peter Schroeder, The Hill

Read the full article here.

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